More On Tesla's Plaid Model S And First Full Year Of Profitability01/28/2021
This week’s Tesla earnings report and conference call revealed a whole lot more than just profits.
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Posted on EVANNEX on January 28, 2021 by Matt Pressman
Tesla announced earnings yesterday and delivered some big news. According to the Wall Street Journal, “Tesla Inc. posted its first full-year profit and laid out plans for a sharp increase in production over the coming years after meeting rising demand for electric vehicles with record deliveries.” This also represents the company’s sixth straight quarter of profitability.
WSJ’s Rebecca Elliott reports, “The Silicon Valley car maker expects to increase deliveries by about 50% annually and, Chief Executive Elon Musk Wednesday said, will likely top that rate this year and next.”
For 2020, Tesla reported a profit of $721 million on about $31.5 billion in sales compared with an $862 million loss and sales of $24.6 billion in 2019. According to the Journal, “The company’s cash holdings totaled around $19.4 billion as of year-end, up from around $6.3 billion at the end of 2019.”
Discussing the Plaid Model S, Elon Musk explained, “we’ll be delivering next month. So this is a tri-motor Model S with a completely new interior… [which] will be the first production car ever that is able to go 0 to 60 miles an hour in under two seconds. So no production car, ever, has been able to get below two seconds zero to 60. This is a luxury sedan that is able to go 0 to 60 in less than two seconds.”
Source: Wall Street Journal, Tesla, CNET Roadshow
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